All revenues collected under any such ordinance by the Director of the Division of Taxation pursuant to section 1 of P.L.1980, c. 60 (C. 54:32B-24.1) shall be apportioned according to the following schedule:

(a) Through June 30, 1981, all such revenues shall be deposited in the general fund of the municipality and may be used for general municipal purposes, including the reduction and liquidation of bonded indebtedness, the payment of salaries, construction, reconstruction, maintenance and repair of municipal buildings, installations and properties, and for such other purposes as may be provided by existing ordinances or ordinances hereafter enacted for general municipal purposes;

(b) For revenues collected during the period from July 1, 1981 through February 28, 1982, 66 2/3 % of such revenues shall be paid to the municipality and deposited and used as provided in subsection (a) of this section and 33 1/3 % of such revenues shall be retained by the State Treasurer for deposit in the fund established pursuant to the provisions of section 5 of P.L.1979, c. 273 (C. 40:48-8.30), to be used and distributed according to the terms herein provided;

(c) For revenues collected during the period from March 1, 1982 through June 30, 1982, 2/7 of such revenues shall be paid to the municipality and deposited and used as provided in subsection (a) of this section, and 5/7 of such revenues shall be retained by the State Treasurer for deposit in the fund established pursuant to section 5 of P.L.1979, c. 273 (C. 40:48-8.30) and be distributed according to the terms of this act;

(d) For revenues collected during the period from July 1, 1982 through August 31, 1982, all such revenues shall be retained by the State Treasurer for deposit in the fund established pursuant to section 5 of P.L.1979, c. 273 (C. 40:48-8.30) and distributed according to the terms of P.L.1981, c. 461 (C. 40:48-8.16a et al.);

(e) For revenues collected during the period from September 1, 1982 through December 31, 1982, 2/9 of such revenues shall be paid to the municipality and deposited and used as provided in subsection (a) of this section, and 7/9 of such revenues shall be retained by the State Treasurer for deposit in the fund established pursuant to section 5 of P.L.1979, c. 273 (C. 40:48-8.30) and be distributed according to the terms of P.L.1981, c. 461 (C. 40:48-8.16a et al.);

(f) On and after January 1, 1983, all such revenues shall be retained by the State Treasurer for deposit in the fund established pursuant to section 5 of P.L.1979, c. 273 (C. 40:48-8.30) and distributed according to the terms herein provided.

L.1947, c. 71, p. 433, s. 7, eff. April 19, 1947. Amended by L.1979, c. 273, s. 3, eff. Jan. 3, 1980; L.1981, c. 461, s. 4, eff. Jan. 8, 1982; L.1982, c. 10, s. 1, eff. March 11, 1982; L.1982, c. 125, s. 3, eff. Sept. 2, 1982.